Ecoslops Sa · EURONEXT:ALESA
Ecoslops Sa — FY2018 Earnings Presentation
23 slides from Ecoslops Sa's earnings presentation, 2019
Slide 1: Analysts' Presentation: 2018 annual results
ANALYSTS’ PRESENTATION 2018 annual results
Slide 2: Integrated into port logistics: economical, traceable, eco-friendly
Integrated into Economical Traceable Eco-friendly port logistics www.ecoslops.com 2
Slide 3: Ecoslops: the cleantech that brings oil into the circular economy
Ecoslops: the cleantech that brings oil into the circular economy Contributes to preserving stocks of non- Avoids oil renewable raw pollution (marine materials and land) (improving the material footprint) Without Ecoslops: Waste is most often Reduces incinerated (lack of greenhouse gas traceability
Slide 4: Our expertise: a real micro-refinery
Our expertise: a real micro-refinery Petrochemical Maritime transport Naphtha & Petrol industry Diesel Transport industry Large industrial Fuel consumers Oil industry and Oil waste logistics Waterproofing Diluted bitumen (bituminous membranes) With a return of 98% and a market for each product, our
Slide 5: Ecoslops, a business built for growth
Ecoslops, a business built for growth KEY DATES Construction of the first ECOSLOPS S.A. 2013 industrial unit Technical PARIS (Portugal) committee Head office (Former executives Launch. from the oil industry) 2015 Fuels certified. First sales. - R&D + Industrial department - Business Increase in deve
Slide 6: A positive environmental impact
A positive environmental impact • A three-time reduction in GHG emissions related to the manufacture of oil products • 22 ktCO2eq avoided per year for a site like that of La Mède treating 30,000t of waste per year GREENHOUSE GAS EMISSIONS AVOIDED = • Reduction in illicit dumping in the sea • Contrib
Slide 7: Ecosystem
Ecosystem © galp energia GE fy me EUROPEAN ma INVESTMENT mm OFUND Forbes FUTUR 40 eum INNOVATION 2030 CONCOURS MONO TON S 2 ECO slopsy
Slide 8: 2018 overview
2018 overview • Turnover up by 23% • Stable profitability in terms of EBITDA (+ purchases, - expenses) • Gradual refinancing of EPSA by local banks • A solid start for Marseille (financing, permits, works etc.) • Construction of the mini-P2R • Strengthening of the balance sheet in the long term (EIB
Slide 9: 2018 - ECOSLOPS consolidated P&L
2018 - ECOSLOPS consolidated P&L €K 31/12/2018 31/12/2017 Var. k€ Var. % Turnover 7 465 6 080 1 385 23% v Turnover up by 23% Capitalised proction 33 163 (130) (80)% Subsidy 57 187 (130) (70)% v Operating loss at the same level as 2017: Provision reversal 80 4 76 Other operating income 75 113 (38) (3
Slide 10: 2018 - ECOSLOPS consolidated balance sheet
2018 - ECOSLOPS consolidated balance sheet €K 31/12/2018 31/12/2017 Var. k€ Var. % Intangible fixed assets 372 450 (78) (17)% Tangible fixed assets 18 479 17 037 1 442 8% Financial assets 161 57 104 182% v 2018 investments (before amortisation) Deferred tax asset 1 929 1 967 (38) (2)% § €2.3 million
Slide 11: 2018 - ECOSLOPS Cash flow
2018 - ECOSLOPS Cash flow €K France Portugal Total EBITDA -1 881 1 502 -379 v Limited Head office “Cash Burn”: Subsidy recognized in the P&L 0 -39 -39 § €1.5 million (10 staff, development, projects, finances etc.) Working capital variance 656 -1 903 -1 247 Operating cashflow (1 225) (440) (1 665) v
Slide 12: Cash position
Cash position q 2018 year-end: A good situation in terms of cash position and net debt €K < 1 year 2 - 5 years > 5 years Total Loan BPI 1 200 800 2 000 Loan PACA 400 400 IAPMEI 877 1 267 2 144 Loan Portugese banks 1 579 1 733 3 312 Others 11 11 Financial debt 2 467 4 600 800 7 867 Cash in bank 7 909
Slide 13: 2018 Sines production
0 1 000 1 500 2 000 2 500 3 000 500 janv-17 févr-17 mars-17 avr-17 mai-17 juin-17 juil-17 août-17 sept-17 Target of 2,500T+ per month oct-17 nov-17 déc-17 janv-18 févr-18 mars-18 avr-18 2018 Sines production Processed dry slops, ton mai-18 juin-18 juil-18 août-18 sept-18 oct-18 nov-18 déc-18 janv-19
Slide 14: 2018 Sines sales
2018 Sines sales • 17KT sold in 2018 over 9 months (3 months of interruption = 6KT) or only -8% vs 2017 • Mix under sustained improvement (diesel/GALP) with 37% diesel compared to 27% in 2016 in terms of volume (55% in terms of value in 2018) • Average selling price per tonne: +50% of which +30% oil
Slide 15: Marseille
Marseille • Permitting: • Construction permit granted by the Town Hall of Chateauneuf les Martigues, transferred to EP • Environmental license to operate granted, currently being transferred to EP • TOTAL: • Closing and equity investment on 29/03/2019 • Financing: • €6.5 million by BNP, HSBC, BP Med
Slide 16: Marseille: breakdown of investment costs
Marseille: breakdown of investment costs More than 90% of suppliers are local or national Limited execution risk 5%5% Montage/Tuyauterie 35% 25% Equipements GC/Bacs Etudes 30% Gestion projet 16
Slide 17: Marseille: Civil work / tanks on site
Marseille: Civil work / tanks on site 17
Slide 18: Antwerp: Port layout
Antwerp: Port layout to the Refinery sea Tank Farm Collector PORT OF Gunvor ANTWERP Total Mac² Exxon MTD 18
Slide 19: Antwerp
Antwerp • ATPC-ECOSLOPS working group in place • Significant support from the Port of Antwerp which wants to develop a Cluster of energy industries in the circular economy • Discussions under way with the government authorities on the scope of the studies required to set up • First assessment at end
Slide 20: Feasibility study in Egypt for mid-2019
Feasibility study in Egypt for mid-2019 Facilities: Export overseas Collection Point (Mediterranean) Port Reception & Treatment Facility P2R Port Said Aboukir Damiette Flows: Wet slops / Raw wastes Alexandria Dry slops / Treated wastes Local Market Products / New fuels (EGPC / Egypt) Cairo Suez Sokh
Slide 21: Mini P2R
Mini P2R • Pilot: • Delivered • In testing phase • Next stage: Scale 1 prototype at a pilot client 21
Slide 22: EIB financing: €18 million for Marseille and Antwerp
EIB financing: €18 million for Marseille and Antwerp q Seeking long-term financing able to replace Equity of the new projects and therefore to minimise/avoid future increases in capital q International recognition giving additional credibility to the company and its projects in relation to ports, na
Slide 23: 2019 Objectives
2019 Objectives • Increased productivity over the full year at Sines: 25,000t • Closing EIB mid 2019 • Launch of studies on Antwerp in H2 2019 • End of Egypt feasibility study and negotiation on contracts/financing • Development of Mini P2R and selection of a site for the prototype • Opening of Mars